The value of a country's fixed exchange rate is determined by:

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The value of a country's fixed exchange rate is determined by the country's government or central bank. They actively participate in buying and selling currencies to maintain the desired exchange rate level. Other options such as currency board and the central bank of the country to which the currency is pegged might indirectly influence the exchange rate, but they don't have a direct control as compared to the country's own government or central bank. Supply of and demand for the country's currency is a factor in determining the exchange rate under a floating exchange rate system, but not under a fixed exchange rate system.

The Value of a Country's Fixed Exchange Rate Is Determined